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economic globalization

economic globalization

is driven by the "growing scale of cross-border trade of commodities and services"

economic integration

seperate production operations are functionally related to each other and form a unified product or services

neoliberal principles

governed by ______ with the roles of the market as a central driver of economic activities, with less government interventions

international economic organizations

a non-state actors such as the international monetary fund (IMF), world bank and organization for economic cooperation and development (OECD) - these organizations are critical in developing and pushing for neolibiral policies among different countries

multinational companies (MNCs)

considered to be the main carriers of economic globalization

central banks

one of the most powerful institutions in the world economy;

they can lead economic developmet, central bank governors are more influential in their own national economy than some politician

civil society

major driver of economic globalization;

composed of individuals disadvantaged by the effects of the globalization of the world economy, they pro

international monetary fund (IMF)

international organization of 183 members countries to promote international monetary cooperation and exchange stability;

foster economic growth and high employment;

to provide short-term financial assistance to countries

international financial institutions (IFIs)

generic name given to all financial institutions

transnational corporations

enterprises that engages in activities which add value in more than one country

g8 and g20

group of nations that serve as an advisory organizations that discuss current economic and political problems and transfer the ideas

global civil society

composed of individuals or groups of individuals disadvantaged by the effects of the globalization of the world economy

immanuel wallerstein

author of world-system theory

world-system theory

in this work, he expounded on the theory on how the core to dominate the periphery areas particularly in the economic world sytem as a basis of his analysis;

peripherals are mostly where production or raw materials are sourced out

semi-peripherals

processed or distributed the products to the core areas